|Buying Property Tips#1: Choose the Right Location|
|Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.|
|Buying Property Tips#2: Study the Local Market Dynamics|
|It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.|
Nashik- A city that has not only begun its journey towards being a smart city,but, has also numerous investors showing immense interest in investing in the residential as well as commercial properties in the city.
For a common man who does not own a property in the city, residing in a rented flat is the only option they are left with. So, if I speak about the common man or the mango people as they are generally referred to, is there really a need to have affordable residential properties or one can charge any amount of the rental value of the property while giving it on rent to a tenant?
Obviously not! But, who sets the standards of the rental value?
Well! Take the case of Nashik.
|Buying Property Tips#3: Choose the Right Property|
|Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.|
|Buying Property Tips#4: Do the Math Properly|
|Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.|
|Buying Property Tips#5: Consider Additional Expenses|
|When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.|
A person who has been residing in this city for years, is spending at least 4K as rent on an average. With more and more real estate developers in Nashik establishing new residential projects there is a lot of scope for them to turn into rented flats in no time! Few of the reasons being, an emerging smart city, an upcoming IT Hub in Maharashtra, new educational institutions being establishing attracting students and their families to move into the city for the purpose of better education and career opportunities for students, and various other reasons.
So, is spending on an average 4K every month for renting a small room in the city affordable to the common man?
What exactly is affordable for the public?
Will it include only the budget aspect of the flats and other properties to call it affordable? Or will it also take into consideration the standard amenities provided in the flat? How about the rental value of the upcoming projects in Nashik? Will they too be limited to the budget of the tenant or also focus on the additional living features?
For a growing city like Nashik, if both are considered in a rented flat, the deal comes out to be fair for both the ends. In fact, might work on to make the both ends meet on a common fairly balanced deal! Affordability quotient in the city seems to be at par with the developments taking place in the city and hence, the pace with which the city is growing, affordability will streamline with the developments and renting a flat will be a profitable decision for both, the owners as well as the tenants.
|Buying Property Tips#6: Inspect the Property|
|To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.|
|Buying Property Tips#7: Pick the Right Financing Option|
|While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.|
|Buying Property Tips#8: Invest through Equity|
|One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.|